Most lawyers work for established law firms for some period during and after graduating and passing the bar exam. But often, lawyers decide to branch out on their own and make their own mark on the legal industry. Starting a personal injury law firm is an exciting prospect, but it takes time, money, and hard work.
Six Tips for Starting a Personal Injury Law Firm
Interested in starting your own personal injury law firm? Check out these 6 tips from the personal injury lawyer at The Embry Law Firm.
1. Create a Detailed Plan
Starting and building a successful personal injury law firm requires some business savvy. Statistics show that as many as 50% of small businesses fail in the first five years. Law firms are no exception. The key to a long-lasting law firm is creating a detailed plan before you start. Some of the best tips for creating a plan include:
- Create a detailed business plan
- Map out business growth and revenue goals
- Determine your marketing channels and costs for marketing
- Develop a technology strategy
- Create a budget including revenue and expenses
2. Secure Capital
Most personal injury law firms see little in the way of profit in the first year or so. That’s because personal injury cases are generally contingent. Therefore, it is often months or years before you see a verdict or settlement. Taking on pro bono cases is a great way to build your profile and begin to establish yourself in the community. However, it does not get you the capital you need.
Generally, a good rule of thumb is to save at least one year’s worth of salary before you start your firm. That way, you have a comfortable savings to last you until you start earning profits.
3. Set Up Case Management Software
Many law firms operate remotely nowadays. This means there is an even greater reliance on case management software to keep your firm running. Case management software is great for a solo lawyer, or a team of many lawyers. With these tools, you organize your clients, calendar, documents, and communications all in one place.
4. Start Generating Client Leads
There are certain state rules for marketing to legal clients. However, there are many tried-and-true ways to market and network which fall under these ethics rules. Our suggestions:
- Talk to other lawyers who refer clients to you when they have a lot of cases
- Look for community projects to involve in
- Develop a marketing strategy to reach clients in your target areas
5. Build a Website
More than three-quarters of consumers “shop” around for lawyers and law firms online before contacting one. It is important that your new law firm has a website that reaches these potential clients. Your website sometimes falls under your marketing plan because you need to build and maintain your site in a way that helps clients find you.
6. Don’t Look Back
With any new venture, it is important to look toward the future. Do not look back and dwell on opportunities or experiences you leave behind. Instead, focus on what you are building and how that will impact your future.
Conclusion
Starting any type of business is a process that requires time, thought, and money. Starting a personal injury law firm takes a bit more of each due to the nature of personal injury cases. However, the rewards for a successful law firm are great. Not only will you have a successful business, but you are proud that you support clients who go through difficult situations.
